Iridium Communications Inc. (NASDAQ:IRDM) Receives $49.80 Consensus Target Price from Analysts

Iridium Communications Inc. (NASDAQ:IRDM) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $49.80.

IRDM has been the subject of a number of recent research reports. BWS Financial downgraded Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target for the company. in a research note on Friday, February 16th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Raymond James reduced their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Barclays dropped their price target on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Finally, TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Iridium Communications by 0.5% in the 1st quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock worth $634,635,000 after buying an additional 71,031 shares during the period. Bamco Inc. NY grew its position in shares of Iridium Communications by 0.4% during the third quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock worth $663,395,000 after purchasing an additional 58,818 shares in the last quarter. Vanguard Group Inc. raised its stake in Iridium Communications by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 12,774,070 shares of the technology company’s stock valued at $566,786,000 after purchasing an additional 213,935 shares during the period. Capital International Investors lifted its holdings in Iridium Communications by 0.4% in the 1st quarter. Capital International Investors now owns 7,722,754 shares of the technology company’s stock worth $311,381,000 after purchasing an additional 26,978 shares in the last quarter. Finally, State Street Corp boosted its stake in Iridium Communications by 2.2% in the 3rd quarter. State Street Corp now owns 5,120,966 shares of the technology company’s stock worth $227,217,000 after purchasing an additional 110,188 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Trading Up 5.1 %

NASDAQ:IRDM opened at $27.40 on Wednesday. The company has a market cap of $3.35 billion, a PE ratio of 210.77 and a beta of 0.85. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 1.65. The company has a 50 day simple moving average of $27.66 and a two-hundred day simple moving average of $34.93. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $68.34.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. Research analysts forecast that Iridium Communications will post 0.72 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.90%. Iridium Communications’s payout ratio is currently 400.00%.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.